Naira begins new week on negative note

Naira on Monday depreciated against the dollar, exchanging at N463.50 at the Investors and Exporters window. The local currency decreased by 0.11 per cent as against N463 it exchanged for the dollar at the close of business on May 19. The open indicative rate closed at N463.50 to the dollar on Monday. An exchange rate […]

Why naira scarcity won’t end soon

By Geoff Iyatse, Collins Olayinka, Joseph Chibueze and Anthony Otaru (Abuja) • Currency In Circulation To GDP Ratio Falls From 1.63% To 0.49% In Two Months • Scarcity’ll Contract GDP Up To 0.5% In Q2, FG Warned • No Bank Can Meet 50% Of Customers’ Cash Needs — Managers • CBN Must Increase Cash Circulation […]

Both old and new notes are now legal tender – CBN Official

Both old and new notes are now legal tender – CBN Official By Olugbenga Ige The Spokesman of the Central Bank of Nigeria (CBN), Isa Abdulmumin, has said both the old and new naira notes are now legal tender following the new directive of the Supreme Court. According to Abdulmumin, banks have begun to issue […]

Obasanjo hails Buhari on naira redesign, says it’s good – Presidency

Obasanjo hails Buhari on naira redesign, says it’s good – Presidency By afolabi The presidency says former president Olusegun Obasanjo commended President Muhammadu Buhari over the naira redesign policy. Femi Adesina, the presidential spokesperson, said in a statement that the former president praised Buhari at the council of state meeting held in the state house, […]

Buhari to address Nigerians at 7AM today amid naira scarcity

Buhari To Address Nigerians At 7AM Today Amid Naira Scarcity Posted by Samson KankanFeatured, Latest News, News Across Nigeria  Wednesday, February 15th, 2023  President Muhammadu Buhari will address Nigerians on Thursday by 7am, presidential spokesman, Femi Adesina has said. The President’s nationwide broadcast is coming amid strong reactions and protests to the lingering cash crunch experienced by millions […]

Moody’s downgrade of 9 Nigerian banks surprising development — Finance Minister

  By Williams Anuku Amidst the money crisis rocking the financial system, the Minister of Finance, Budget and National Planning, Zainab Ahmed has expressed shock over the negative rating slammed on nine banks in Nigeria. Recall that the latest Moody’s report on Nigeria downgraded the long-term issuer rating of the Government of Nigeria to Caa1 […]

Naira loses slightly against dollar

By Adejayan Gbenga Gsong The Nigeria naira exchanged at 452.67 to the dollar at the Investors and Exporters window on Tuesday. The figure represented a decrease of 0.26 percent, compared with N451.50 it exchanged on Monday. On Tuesday, the open indicative rate closed at N448.80 to the dollar. The naira was sold for as low […]

Naira redesign: ‘Those with illicit money buried under soil will have problem’ – Buhari backs CBN

By Seun Opejobi President Muhammadu Buhari, on Sunday, backed the decision of the Central Bank of Nigeria, CBN, to launch new designs of the naira denominations. Buhari said Nigerians with illicit money stashed in the soil would have problems with the new naira notes. He, however, assured that Nigerians would gain a lot when the […]

Naira drops to a new low against the US dollar

By Davies Ngere Ify The Nigerian naira has dropped to a new low against the US dollar in the black and peer-to-peer (P2P) forex markets. The Naira to dollar exchange rate closed at N724/$1 on Friday, down from N721/$1 the previous day, indicating a N3 or 0.42 percent day-on-day decline on the P2P market. On […]

Naira loses to dollar by 0.13%

The Naira depreciated against the dollar at the Investors and Exporters window on Thursday, exchanging at N430. The figure represents a further depreciation of 0.13 per cent when compared with N429.44 for which the dollar exchanged on Wednesday. The open indicative rate closed at N429 to the dollar on Thursday. An exchange rate of N437 […]

Naira begins new week on negative note


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